London’s Benfield Greig Group plc announced that its tender offer to shareholders of Dallas-based E.W. Blanch Holdings Inc. had been accepted by more than 94 percent as of the closing date last Friday.
Benfield will pay $13.50 for the 12,249,738 shares tendered, around $165.4 million, and will then acquire the remaining 6 percent at the same share price. No shareholder meeting is necessary to approve this, as more than 90 percent of the outstanding shares were tendered.
The way is now clear for the two to form the world’s third largest reinsurance broker, behind Marsh, Inc.’s Guy Carpenter, and Aon. ” We are looking forward to working closely with our friends and colleagues at Blanch,” stated Benfield’s CEO Grahame Chilton. He is planning on “reinvigorating the US business using the Benfield Blanch brand, whilst significantly enhancing reach for our US customers and driving growth forward.”
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